Lower sales of COVID tests drag down Hologic Q2 revenues

2022 04 29 18 14 4601 Hologic Rsna 2019 400

Hologic reported revenue decreases for the second quarter of the 2022 fiscal year. The company said that lower sales of COVID-19 assays in its Diagnostics division was a major factor in the decline.

The company reported second-quarter revenue to be $1.436 billion, which represents a decrease of 6.6% for the quarter (end-March 26) compared with sales of $1.538 billion in the same period the year before. Hologic said the decline was primarily driven by lower sales of COVID-19 assays compared with the prior-year period.

However, the company also said that revenue was "significantly" higher than its guidance of $1.25 billion to $1.3 billion provided last quarter.

Not including revenue from COVID-19 diagnostic tests, the company's revenue in its Diagnostics division was $290.4 million, up 2.8% compared with sales of $282.5 million in the same period the year before. Including COVID-19 diagnostics, revenues in the division fell 7.3%.

In the company's Breast Health division, revenues were $310.4 million, down 7.7% compared with revenues of $336.3 million in the same period the year before. Sales of breast imaging systems fell 9.2%.

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